Netflix

  • carlicahn-260x260

    Private Equity

    Area Senior Citizen Is So Over Netflix

    If you listen closely, you can hear the sound of Tim Cook whimpering.

    / Jun 24, 2015 at 11:07 AM
  • carl icahn brett icahn

    News

    Carl Icahn About Ready To Let Brett Call Him ‘Dad’ At The Office

    Junior really proved himself with that Netflix call. The days of “Sorry, Mr. Icahn, I […]

    / Jan 28, 2015 at 4:39 PM
  • carl-icahn-23sep11

    News

    But Daaad! Netflix Has So Much More Growth Potential!

    As you may have heard, starting October 10, Carl Icahn sold 2.99 million shares of […]

    / Oct 23, 2013 at 2:32 PM
  • netflix-ceo-reed-hastings

    News

    Netflix CEO Doesn’t See Why Anyone Would Care How Much Netflix People Watch

    It’s easy to make fun of the SEC for wanting to sue Netflix over a […]

    / Dec 7, 2012 at 10:14 AM
  • There are, like, twenty great photos of him wearing this outfit alone. The man is expressive.

    News

    What Does Netflix’s Poison Pill Do To Carl Icahn?

    Are you not bored by corporate-raider battles? Netflix just adopted a poison pill in reaction […]

    / Nov 5, 2012 at 1:09 PM
  • Quikster? Meh, I could take or leave it.

    News

    Who Is Doing What To Whom On Carl Icahn’s Netflix Trades?

    If I were the sort of guy who could come in to a company, yell […]

    / Oct 31, 2012 at 6:01 PM
  • News

    FYI, Whitney Tilson’s Investment Thesis On Goldman Sachs Has Not Changed In Light Of Times Op-Ed (Update)

    Having said that, T2 Partners will be “monitoring” the situation.

    The op ed in today’s New York Times by retiring Goldman Sachs Executive Director Greg Smith is the talk of Wall Street. We think we know Goldman well, as the company has been our prime broker for the past seven years and Goldman (both stock and call options) is one of our largest positions, so we wanted to add our comments.

    Our direct experience as a client of Goldman has been universally positive. The many people we have dealt with there have all been exceptionally talented and high-grade, and never once have we had a negative experience in which we felt that they took advantage of us or didn’t do what they said they would do.

    That said, we are not naïve. In all of our dealings with Wall Street firms, we assume that they are looking out for their own bottom lines, not ours. And we are certainly aware that the old, gentlemanly culture in which integrity and a customer-first attitude generally prevailed is long gone – not just at Goldman, but across all of Wall Street – and, in fact, across the entire financial industry (the reasons for this and what should be done about it are the subject for another day).

    When we think about investing in any company – especially a financial one, which is heavily regulated, leveraged, and particularly difficult for an outsider to analyze – we factor into our investment equation our assessment of the company’s culture and values, and, if we have any concerns, what the potential associated risks are, such as unexpected losses and regulatory action. In light of our view of the moral decay across the U.S. financial sector, we aggressively haircut our estimates of intrinsic value in the sector – some companies more so than others. But at some price, of course, any stock is a buy, and last August and September we felt that the negativity surrounding the financial sector was way overdone and hence made a big – and, so far, very profitable – bet on Goldman and a number of other U.S. financial firms.

    With the run-up in Goldman’s stock – after falling below $90 as recently as December, it’s now over $120, just above tangible book value of $119.72 as of 12/31/11 – we’ve been debating whether to trim or exit our position, so today’s op ed is timely. But is it relevant to our investment thesis? We think probably not, for two reasons:

    1) The argument that Goldman has become increasingly profit driven, sometimes at the expense of clients’ best interests, and that some employees use vulgar and disrespectful language is hardly news. What’s the next “shocking” headline: “Prostitution in Vegas!”?

    2) We highly doubt that Goldman is as truly corrupt as Smith makes it out to be. Goldman has more than 30,000 employees (including nearly 12,000 vice presidents, of which Mr. Smith is one) and has gone through wrenching changes in the past year, including savage cuts to bonuses and extensive layoffs, so it doesn’t surprise us that there are many disgruntled employees, especially those who are leaving. Is Smith one of them? It’s hard to tell, but here’s an email sent to me this morning by a former partner at Goldman (who generally agrees that the firm’s culture is not what it once was):

    There are a couple of things out of place. 1) This guy has been at firm for 12 years and is only a VP…a piss ant of sorts. He should have been an MD-light by now, so clearly he has been running in place for some time. 2) He was in U.S. equity derivatives in London…sort of like equities in Dallas…more confirmation he is a lightweight. Somewhere along the line he has had sand kicked in his face…and is not as good as he thinks he is. That happens to a lot of high achievers there.

    In summary, we think it’s likely that Goldman does the right thing for its clients the vast majority of the time – but not as certainly as it used to in the old days. Times have changed and the trend is unfortunate, but it is not unique to Goldman. In fact, we believe that Goldman still has a better culture and is more ethical than most of its competitors – though this is a very low bar to be sure.

    Our investment thesis on Goldman is simple: when all the dust settles, it will remain the premier investment banking franchise in the world – and, if so, will be worth a substantial premium to tangible book value. Smith’s column is a warning flag that we’ll be monitoring closely, but we believe our investment thesis remains intact and the stock is still cheap, so we’re not selling.

    / Mar 14, 2012 at 2:56 PM
  • Hedge Funds, News

    Whitney Tilson Was As Surprised As You Are To Learn That He Was Long Netflix On The Way Up

    NFLX is up 75% year to date so you probably assumed that Whitney Tilson had gotten rid of it sometime last year. You were not alone:

    We thought it was a little strange when Whitney Tilson and Glenn Tongue’s hedge fund T2 Partners’ latest 13F came out earlier this week and Netflix wasn’t included.

    We sent the hedge fund manager an email to find out why and there’s now a corrected version of the fund’s regulatory filing out.

    It turned out, it was just an error.

    As of December 31, 2011, T2 Partners had combination of 89,771 shares and 81,000 call options in Netflix, according to the updated 13F.

    Here’s Why Whitney Tilson’s 13-F Didn’t Have Netflix In It When It Came Out [BI]

    / Feb 16, 2012 at 4:29 PM
  • Communiqués

    T2 Partners: There’s A Good Chance We’re Not Actually As Dumb As We Look

    We struggle with how bad of a grade to give ourselves for 2011 because in […]

    / Jan 10, 2012 at 8:10 AM
  • News

    Netflix Will Sell You Unlimited Streaming For $7.99 A Month, Buy It Back At $15.98

    If you run an investment bank, which basically takes a cut of economic prosperity, it’s […]

    / Nov 22, 2011 at 2:07 PM
  • Hedge Funds

    T2 Partners Just Wants To Make It Clear They Are Of Sound Mind And Judgment

    Seriously, all is good in the hood. Having said that, it was no easy task, […]

    / Oct 26, 2011 at 2:56 PM
  • Hedge Funds

    Whitney Tilson: T2 Partners Nailed Its Netflix Short Except For The Fact That It Didn’t

    “If you go back and read our original Netflix piece, we pretty well nailed it,” […]

    / Oct 25, 2011 at 4:24 PM
  • News

    Whitney Tilson: “Why We Covered Our Netflix Short”

    The short answer: “It’s no fun being in front of an oncoming train.” The slightly […]

    / Feb 10, 2011 at 5:15 PM
  • News

    Whitney Tilson On T2 Partners’ Netflix Short, Shorting Skills In General

    Last month T2 Partners’ fund declined 2.8 percent in January, with declines of 4.3% (net) […]

    / Feb 3, 2011 at 9:45 AM
  • News

    Netflix CEO Applauds Hedge Fund Manager’s Call, Balls To Short Company, Would Still Appreciate If He’d Refrain From Doing So

    Late last week, hedge fund manager Whitney Tilson sent out a detailed analysis of why […]

    / Dec 20, 2010 at 10:45 AM
  • News

    Whitney Tilson Welcomes Feedback On Netflix Short

    Whitney Tilson sent out T2 Partner’s analysis of Netflix yesterday, explaining why it’s their “largest […]

    / Dec 17, 2010 at 11:00 AM